Overnight, LME and SHFE copper prices jointly closed higher as the White House signaled a tariff easing. [SMM Morning Comment]

【Overnight LME and SHFE Copper Prices Rose Jointly, White House Signals Tariff Easing】Macro-wise, Trump explicitly stated that he had no intention of firing Powell and noted that the stock market was performing well. On the tariff front, the White House signaled easing, with specifics as follows: Fox News reported that the US Treasury Secretary was busy negotiating trade agreements with Japan and South Korea, Australia, and India, but it was understood that the agreements would not be reached soon, with Vance, who visited India, becoming the "chief executor" of the trade negotiations. The White House stated that it had received 18 trade agreement proposals and would hold trade team meetings with 34 countries this week. US media reported that the White House was "close" to reaching tariff agreements with Japan and India, but finalising the final agreements might take months. Sources said that Trump was considering lowering US drug prices to international levels. Sources revealed that the US would strive to persuade the UK to reduce car tariffs from 10% to 2.5% and would urge the UK to relax agricultural import regulations...